UK manufacturing sector set to grow by 2.7% this year, research predicts
The British manufacturing sector is set to record a significant growth over 2014, surpassing the other western European economies such as Germany and France, a brand-new report has revealed.
Research from the manufacturers’ organization EEF suggests that close to 70% of firms forecast an improvement in the economy in 2014. Furthermore, the report also estimates that the UK manufacturing sector will grow by 2.7% this year, compared to 1.6% in Germany and 0.7% in France.
Although the UK manufacturing sector is still 9% below its pre-recession level, evidence regarding its activity was more positive for this year, including signs the pick-up in momentum was broad-based.
The EEF survey also suggested that business investment will finally start to grow again this year, with close to 60% of companies revealing plans to invest moderately or significantly in the UK.
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